Companies will save money in the long term by investing in huge data management and storage capabilities, says consultancy firm 4C Associates.

Speaking to IBTimes TV at the EIU CFO Summit, the consultancy firm's managing director, Ed Ainsworth, also added that it could significantly help a company to become more profitable as it allows firms to better understand and manage their strategies.

He also added that it wouldn't replace headcount and could mean that companies will not have to focus on headcount cuts to implement cost reductions.